The Crypto Daily – Movers and Shakers – December 17th, 2020

It’s a mixed start to the day for the crypto majors. The Bitcoin bulls will be eying $22,000 levels…
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

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Bitcoin, BTC to USD, surged by 9.55% on Wednesday. Following on from a 0.92% gain on Tuesday, Bitcoin ended the day at $21,318.0.

It was a mixed start to the day. Bitcoin slipped to an early morning intraday low $19,317.8 before making a move.

Steering clear of the first major support level at $19,150, Bitcoin rallied to a late intraday high and a new swing hi $21,444.0.

The breakout saw Bitcoin break through the day’s major resistance levels to strike an all-time high on the day.

The near-term bullish trend remained intact, supported by the breakthrough to $21,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $10,660 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Wednesday.

Polkadot slid by 6.69% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Litecoin and Ripple’s XRP surged by 14.25% and by 21.67% respectively to lead the way.

Bitcoin Cash SV (+6.03%), Cardano’s ADA (+9.38%), Chainlink (+6.54%), and Ethereum (+8.30%) also found strong support.

Binance Coin (+3.70%) and Crypto.com Coin (+1.61%) trailed the front runners, however.

For the current week, the crypto total market cap fell to a Monday low $545.05bn before rising to a Wednesday high $620.92bn. At the time of writing, the total market cap stood at $612.97bn.

Bitcoin’s dominance fell to a Monday low 64.21% before rising to a Wednesday high 65.50%. At the time of writing, Bitcoin’s dominance stood at 65.03%.

This Morning

At the time of writing, Bitcoin was down by 0.49% to $21,213.0. A mixed start to the day saw Bitcoin rise to an early morning high $21,365.0 before falling to a low $21,200.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (-0.51%), Litecoin (-0.19%), Polkadot (-0.13%), and Ripple’s XRP (-1.05%) joined Bitcoin in the red.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 3.49% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $22,693 to bring the first major resistance level at $22,069 into play.

Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $21,444.0.

Barring an extended crypto rally, resistance at $22,000 would likely leave Bitcoin short of the first major resistance level at $22,069.

In the event of another extended crypto rally, Bitcoin could test resistance at $23,000 before any pullback. The second major resistance level sits at $22,820.

Failure to avoid a fall through the $20,693 pivot would bring the first major support level at $19,943 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$19,500 levels. The second major support level sits at $18,567.

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